The chip giant will award a grand prize of $300,000 to help developers and their company put the PC into mass production, as well as $400,000 for co-marketing with Intel. The company will also choose a first-place winner, who will receive $300,000 to put the respective PC into mass production.

"Consumers today make home-PC purchase decisions based on more than just price and features. They also consider the size, shape and style," Eric Kim, general manager of Intel's Digital Home Group, said in a statement.